Canadian Solar's (CSIQ) Global Positioning Remains Solid - Canaccord Genuity Reiterates Buy

Canaccord Genuity reiterated a Buy rating on Canadian Solar (NASDAQ: CSIQ), and raised the price target to $35.00 (from $29.00), after spending time with management. Canadian Solar's global positioning remains solid and very little has changed with the company's overall story. The company is building out module manufacturing capacity in order to scale to already high levels of demand as we saw with the beat in Q3. On the solutions side of the business, Canadian Solar targets a YieldCo for dropdown assets for mid-2016. The company hopes to have the large portion of its YieldCo assets hooked up to electricity in order to reduce risk.

Analyst Jed Dorsheimer commented, "We spent some time with Canadian Solar's CFO in meetings in Montreal on Tuesday. Canadian Solar's global positioning remains solid and very little has changed with the company's overall story. In particular, we highlight Canadian Solar's module business which has experienced tightening supply/demand during the end-of-year adoption cycle, which has also led to a more favorable pricing environment. The company will be expanding capacity in order to capitalize on increasing demand. Given the recent news of an ITC extension, we believe the capacity expansions are perfectly timed in order to fulfill renewed demand through 2017 and beyond. We maintain our BUY rating and increase our PT to $35."

For an analyst ratings summary and ratings history on Canadian Solar click here. For more ratings news on Canadian Solar click here.

Shares of Canadian Solar closed at $27.28 yesterday.

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